Such a circuit arrangement is known, for instance, from U.S. Pat. No. 4,891,837. The amplifier located in the send path is laid out as a dynamic compander, whose dynamic compressor part has the task of compressing the signal voltages generated by the microphone to a uniform signal level, and whose expander part has the task of expanding these signal voltages as long as they are below a predetermined value. The output voltage of the send path thus has a non-linear dependency on the output voltage of the microphone, as shown in the above-cited publication, which can be varied to fit different service conditions by means of an adjusting device. According to FIG. 6 of the cited publication, the circuit arrangement previously disclosed in the form of an analog circuit, can also be realized as a digital circuit. In that case, the microphone and the loudspeaker are connected, by means of an analog to digital converter, to the send path and the receive path, and the individual analog circuit components are replaced with corresponding digital components. The known circuit arrangement, in either analog or digital implementation, is quite costly because of the relatively large number of components utilized.